World Bank2014-01-312014-01-312013-04https://hdl.handle.net/10986/16781By 2013, the Armenian economy has left behind most of the hangover from the global financial crisis and a look at medium- to long-term growth drivers is therefore in order. The central tenet of this report is that the government's job creation agenda requires a different growth model than the one followed before the global crisis. Reaching the goals of the government's strategy will require a combination of four factors: first, higher investment and better financial intermediation between savers and investors. Second, better utilization of the labor force, including the largely untapped resource of Armenians abroad. Third, stronger competitive pressures in the markets for goods and services, which will improve incentives for companies to innovate, adopt new technologies, and become more efficient. Fourth, enhanced connections of the landlocked Armenian economy with world markets, including through land, air, and through internet and communication technologies. This report's theoretical framework emphasizes structural reforms to drive growth. This report is structured as follows: chapter one is macroeconomic developments and outlook; chapter two focuses on saving, investment, and financial intermediation; chapter three focuses on human resources; chapter four focuses on competition; chapter five focuses on land connectivity; chapter six focuses on air connectivity; and chapter seven deals with internet and communications technology (ICT).en-USCC BY 3.0 IGOACCESS TO INFORMATIONAGGREGATE DEMANDAGRICULTURAL OUTPUTBARRIERS TO COMPETITIONBARRIERS TO ENTRYBARRIERS TO GROWTHBEHAVIOR OF PRICESBOND MARKETBONDSBUSINESS ENVIRONMENTCAPITAL ACCUMULATIONCAPITAL FLOWCAPITAL FLOWSCAPITAL FORMATIONCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKETSCARTELSCENTRAL BANKCENTRAL DEPOSITORYCOALCOLLATERALCOLLATERAL BACKINGCOMMERCIAL BANKSCOMMODITYCOMMODITY PRICESCOMMUNICATION TECHNOLOGIESCOMMUNICATION TECHNOLOGYCOMMUNICATIONS TECHNOLOGYCOMPETITION FRAMEWORKCOMPETITION POLICYCOMPETITIVE MARKETSCOMPETITIVENESSCONCEPTUAL FRAMEWORKCONFIDENTIALITYCONNECTIVITYCONSUMER PRICECONSUMER PRICE INDEXCORPORATE CLIENTSCOUNTRY DEVELOPMENTCPICREDIT FACILITYCREDIT INSTITUTIONSCREDIT PRODUCTSCRITICAL MASSCURRENCYCURRENT ACCOUNT BALANCECUSTOMER SERVICEDEBTDECISION MAKINGDEPOSITDEPOSIT RATEDEPOSITSDOMESTIC COMPETITIONDOMESTIC ECONOMYDOMESTIC INVESTORSDOMESTIC MARKETECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC DYNAMISMECONOMIC GROWTHECONOMIC INTEGRATIONELECTRICITY GENERATIONEMERGING ECONOMIESENTRY POINTEXCHANGE RATEEXPENDITUREEXTERNAL TRADEEXTERNALITIESFACTORS OF PRODUCTIONFEDERAL RESERVEFINANCIAL CRISISFINANCIAL INFRASTRUCTUREFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL SYSTEMFISCAL DEFICITFIXED CAPITALFIXED COSTSFIXED INCOMEFOREIGN CAPITALFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN INVESTMENTSFOREIGN INVESTORSFORESTRYFUND INFORMATIONGLOBAL MARKETGLOBAL MARKETSGOVERNMENT BONDGOVERNMENT DEBTGOVERNMENT INTERVENTIONSGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTGROWTH RATEGROWTH RATESHIGH UNEMPLOYMENTHOME COUNTRYHUMAN CAPITALINCOMEINCOMESINFLATIONINFLATION TARGETINGINFORMATION TECHNOLOGYINFRASTRUCTURE INVESTMENTSINFRASTRUCTURE PROJECTSINNOVATIVE TECHNOLOGYINSURANCEINTANGIBLEINTELLECTUAL PROPERTYINTEREST RATEINTERNATIONAL MARKETSINTERNATIONAL TRADEINVESTMENT CLIMATEINVESTOR CONFIDENCEIRRATIONAL EXUBERANCEJOB CREATIONLABOR COSTSLABOR FORCELABOR MARKETLABOR PRODUCTIVITYLAW ENFORCEMENTLEGAL FRAMEWORKLIBERALIZATIONMACROECONOMIC MANAGEMENTMARGINAL COSTSMARKET ACCESSMARKET BEHAVIORMARKET COMPETITIONMARKET CONDITIONSMARKET DISTORTIONSMARKET DOMINANCEMARKET PARTICIPANTSMARKET POWERMARKET REGULATIONMARKET REGULATIONSMARKET SECURITIESMARKET SEGMENTMARKET STRUCTUREMARKET STRUCTURESMARKET TRENDSMERCHANDISEMERCHANDISE TRADEMETALSMICROFINANCEMONOPOLYMORTGAGEMORTGAGE COMPANYMULTINATIONAL CORPORATIONNATURAL MONOPOLIESNEW MARKETNEW PRODUCTSOILOVERHEAD COSTSPENSIONPOLICY INSTRUMENTSPOLICY MAKERSPORTFOLIOPRICE COMPARISONPRICE COMPARISON ANALYSISPRICE COMPARISONSPRICE CONTROLSPRICE DIFFERENCESPRICE FIXINGPRIMARY MARKETPRIVATE EQUITYPRIVATE SAVINGPRIVATE SECTOR CREDITPRIVATIZATIONPRODUCT MARKETPRODUCTION TECHNOLOGYPRODUCTIVITY GROWTHPUBLIC DEBTPUBLIC SAVINGRAPID DEVELOPMENTREAL ESTATERECYCLINGREGULATORREGULATORSREGULATORY AUTHORITYREGULATORY FRAMEWORKREGULATORY RESTRICTIONSRESOURCE ALLOCATIONRETAINED EARNINGSSAFETY NETSAVINGSSECURITIESSECURITIES MARKETSSECURITIES REGULATIONSECURITY INTERESTSHAREHOLDERSKILL SHORTAGESSKILLED WORKERSSMALL COUNTRYSOLAR GENERATIONSTOCK MARKETSTOCK MARKET CAPITALIZATIONSUSTAINABILITY ANALYSISTAXTAX TREATMENTTECHNICAL ASSISTANCETRANSPARENCYTURNOVERUNEMPLOYMENTURBAN DEVELOPMENTVERTICAL INTEGRATIONVOLATILITYWELFARE GAINSWORKING CAPITALWORLD DEVELOPMENT INDICATORSWORLD MARKETSWORLD TRADEWorld Bank10.1596/16781